The United States government has expanded its sanctions campaign against Iran, targeting its oil trade, shipping and financial networks while warning countries and companies doing business with Tehran that they could also face penalties.
US Treasury Secretary Scott Bessent announced the measures on Monday, describing them as an “economic onslaught” aimed at putting further pressure on Iran’s economy.
The latest measures include new restrictions on economic activities linked to Iran, including cryptocurrency, technology, gold, aviation and shipping.
US also warned foreign governments and entities involved in sanctions evasion or money laundering for Iran that they could be cut off from the US financial system.
The Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned nearly 60 entities, individuals and vessels accused of supporting Iranian activities.
The targets include networks linked to Iran’s defence ministry and its ballistic missile and nuclear procurement programmes, as well as a cyber group that the US accused of carrying out attacks against American infrastructure.
More than 20 of the newly sanctioned entities and individuals are based in the Middle East and Asia and were accused of providing financial or logistical support for Iran’s nuclear research and missile development.
The US also targeted China-based companies that allegedly supplied dual-use items to an Iranian technology institute that had previously been sanctioned.
Oil trade targeted
A major part of the latest sanctions is aimed at Iran’s oil export network.
The US designated vessel brokers, bunkering service providers and financial intermediaries involved in Iranian oil sales. Several of the targeted individuals and entities are based in the United Arab Emirates, Singapore and Hong Kong.
Five tankers were also identified as part of what the Treasury described as Iran’s “shadow fleet”.
The vessels were designated as blocked property, preventing US persons and entities from carrying out financial transactions involving them.
US also suspended several licences that had previously allowed certain remittance payments to Iran and Iranian access to parts of the US cultural and academic system.
The latest action comes as the Trump administration seeks to intensify economic pressure on Tehran while leaving open the possibility of further sanctions against countries that continue trading with Iran.
However, the Treasury did not identify specific countries that would be targeted or give a firm date for when additional penalties against Iran’s trading partners would take effect.
